Boston Capital is investing in the construction of two affordable apartment communities in North Carolina—Fieldcrest, a 56-unit development serving families in Farmville, and The Reserve, an 80-unit development for families in Albemarle.
The company’s $12 million investments represent Boston Capital's first and second partnerships with Southern Properties and Development, based in Greensboro, N.C.
Fieldcrest will feature 12 one-, 32 two-, and 12 three-bedroom units and serve families earning 60% or less of the area median income (AMI). It is about 85 miles east of Raleigh.
The Reserve will feature 12 one-, 48 two-, and 20 three-bedroom apartments. It will also target families earning no more than 60% of the AMI. It is about 37 miles east of Charlotte.
Both developments will include a 1,500-square-foot community building containing a community room with a kitchen and a rental office. Additional amenities include a children's playground and a covered picnic area with tables and barbecue grills.
"We are excited to team up with Tom Honeycutt, Brian Smith, and Southern Properties and Development in the construction of 136 affordable homes for families in the Farmville and Albemarle areas," said Jeff Goldstein, COO and director of Real Estate at Boston Capital. "Solid job markets and growing economies are creating a strong demand for affordable housing in both areas, and we're eager to address this demand and help families and individuals in need of quality housing."
Fieldcrest and The Reserve will be built with low-income housing tax credit (LIHTC) equity from Boston Capital. The company’s investments in these developments add 136 affordable homes to its apartment portfolio. To date, Boston Capital, a national LIHTC syndicator and a real estate investment and advisory firm, has invested in more than 7,100 affordable apartments in North Carolina.
